Bascom Pays $5M for Inland Empire Apartments
- Jan 17, 2017
Irvine, Calif.—A new owner has emerged for Laurel Tree, a 36-unit apartment community in Fontana, Calif.
The Bascom Group recently acquired the multifamily property for $5.25 million from a private investor. The sale price translates into roughly $145,833 per unit or $160.71per square foot. Marcus & Millichap’s Reza Ghaffari and Brendon Guichet represented both parties in the transaction.
Built in 1989, Laurel Tree is located on more than 2.25 acres at 17923 Arrow Blvd. in a low-density community near San Bernardino and with easy access to key employers such as Kaiser Permanente, Amazon and Fedex Ground, as well as a number of hospitals. Laurel Tree’s unit mix is dominated by spacious three-bedroom units, offering a single-family-type floorplan unique to this submarket.
“With 80 percent three-bedroom units onsite, Laurel Tree is well positioned to attract young professionals and families seeking quality, rental housing. With companies like Amazon, Niagara Water, and Monster taking millions of square feet of commercial space within a short drive of the property, job growth will drive housing demand and increase pressure on existing rental stock,” said James D’Argenio, senior principal for Bascom.
The apartment market continues to strengthen in Fontana, as average rents have increased for six consecutive years to $1,303, or a 39 percent increase. And despite the fact that rents have gained a modest $369 year-over-year, occupancy remains high at 97.4 percent, making the city one of the tightest rental submarkets in Southern California.